Goldman Sachs' private equity fund petitioned to the U.S. Federal Energy Regulatory Commission (FERC) in October, to sell electricity on behalf of its affiliate Rhythm Energy, according to a release from Public Citizen on Wednesday.

If approved, Goldman Sachs would become the first Wall Street bank to offer retail electricity contracts to homeowners, the consumer advocacy group said.

On Oct. 24, the FERC approved Goldman Sachs to control GenOn's fleet of fossil fuel power facilities out of bankruptcy, the release said.

Goldman Sachs' foray into the retail energy sector coincides with the firm's efforts to streamline and downsize its retail banking operations, the release added.

Goldman Sachs was not immediately available for comment.

(Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Lisa Shumaker)